The Diagram Below Shows Supply, Demand, and Quantity Exchanged of Monday

question 90

Multiple Choice

The diagram below shows supply, demand, and quantity exchanged of Monday matinee movie tickets. Assume it is a perfectly competitive market. FIGURE 12- 4
-Refer to Figure 12- 4. What is the total revenue received by the sellers of this product at the allocatively efficient level of output?

• A) $250
• B) $125
• C) $500
• D) $375
• E) $5

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Definitions:

Product Specifications

Detailed descriptions of a product's characteristics, materials, and performance criteria, setting the standards for production and quality.

Union Contract

A legal agreement between a labor union and an employer that outlines the terms of employment, including wages, working hours, work conditions, and grievance procedures.

Direct Labor Time Variance

The difference between the actual time taken to manufacture a product and the standard time expected, multiplied by the hourly wage rate.

Direct Labor

The wages paid to workers directly involved in the production of goods or services.